There was a time when all cash flow reports were done apart from the trial balance in a tool like Excel. The reasons were, among others, that most consolidation systems could not calculate currency translation and intercompany eliminations correctly and easily. This made writing a cash flow report very difficult. But times and technologies have changed.
In most organizations, account reconciliations are performed as a parallel process to the financial consolidation, close and reporting cycle, either in spreadsheets or an account reconciliation system that’s separate from the consolidation and reporting system. This approach limits visibility into the entire set of closing activities, leads to inefficient communication, time lags, and gaps between people, processes and systems used in the financial close and reporting cycle.
Organizations using legacy applications often struggle with long budget iterations, lack of sufficient supporting detail, and limited reporting capabilities.
All of this results in excessive time and effort, and costs, spent on annual budgeting – only to arrive at an approved budget that’s obsolete shortly after its completed. There has got to be a better way, right?
A Unified Platform for Consolidation, Reporting, Planning, Data Quality and Analytics
OneStream Software provides a revolutionary CPM 2.0 solution, the OneStream XF SmartCPM platform. OneStream XF unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality for sophisticated organizations. Deployed via the cloud or on premise, OneStream is an agile solution that easily adapts to changes in business.
Financial data quality is not an option – it’s a requirement in today’s corporate reporting environment where errors or omissions in financial statements can result in compliance penalties, loss of confidence by stakeholders and often a reduction in market value.
The process of managing and completing account reconciliations in a large, global enterprise can be daunting due to the number of data sources and the volume of reconciliations that need to be completed.